How To Find Cheap Car Insurance: 10 Steps You Can Take to Reduce Your Rates
How To Find Cheap Car Insurance: 10 Steps You Can Take to Reduce Your Rates
Section 1: Should I Get My Own Insurance?
For some people, it is hard to admit that they have gotten a car. For those that need cars to work, and are embarrassed that they no longer drive cars their parents drove, you might find it hard to admit that you don’t need your own insurance. However, you will find that insurance is incredibly easy to get – almost anyone can get insurance if they have a little bit of luck and a lot of time to sit back and wait. With that in mind, here is a short list of what you need to do to get car insurance.
To get car insurance, you will need an address, a valid driver’s license, a credit history, and a safety record (having proof of having passed a safety and/or road safety course). You also need a signed statement that you will only drive insured vehicles.
Consider Your Vehicle
Insurance isn’t simply determined by your car’s make, model, and the number of years since it’s been manufactured. According to Kelly Blue Book, an independent company that compiles auto value data, every year’s price of a new vehicle is directly related to the vehicle’s value, age, and make and model. To get an idea of what you’re likely to pay, take a look at the Kelley Blue Book’s online price estimator. Compare the rates to your own estimated savings and determine which model of car best fits your financial situation. If you’ve been driving your current car long enough to consider it old, make sure it’s in good condition, and you’ve paid all your bills on time.
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Summary: You are going to want to save money on your car insurance when you switch your insurance carrier. One way to save is by switching insurance companies or by taking some simple steps. Make sure you read through this article to see if there is something you can do to lower your car insurance rates.
Cut Your Own Rates
If you want to get the lowest car insurance rates, you’re going to need to take some steps that can affect your rate. One of the most important steps is to take advantage of a free quote online and compare your rates. Use a car insurance comparison website, such as: Insurance.com, CarInsurance.com, and Compare.com.
If you find you’re paying more than your premium, see if you can get a better deal by reducing your coverage.
Typically, insurance companies have a minimum deductible you have to pay before your coverage is canceled. You can usually find out what your premium is by logging into your insurance company’s site.
It can be especially important to minimize the risk of your vehicle getting damaged in a fire. This is where getting approved for “embedded” insurance can be very helpful.
In this case, the policy includes automatic coverage on your vehicle from a designated third party. This insurance increases the coverage you have, without raising your premium.
Don’t put all your money into a high deductible
Most people think that paying the most up front is best.
Shop For Discounts Throughout the Year
With so many different car insurance options to choose from these days, deciding what type of insurance plan suits you is often an overwhelming experience for drivers. As a result, many people end up shopping around for a better deal on their car insurance than they think they’re going to find on their own.
Rather than do the hard work yourself, it may be better to ask the professionals for help.
Car insurance experts who specialize in car insurance have access to insider tips and tricks that are often overlooked by regular drivers. Because they’re the experts, they can offer you exclusive and very personalized information that could help you save hundreds or even thousands of dollars on your car insurance premiums.
Get Multiple Quotes
Finding cheap car insurance may not be as tough as you think.
The “golden rule” for buying car insurance is to shop around for several quotes, the same way you would when shopping for other major expenses.
When you find a good deal, it will make it easier to get multiple quotes and get one that matches your car and driving habits.
Make Your Car Safe
Another thing to keep in mind is that many insurance companies make their money off the top.
That’s why it’s important to make sure your car is as safe as possible, which includes covering as many costs as possible.
If you invest in safety equipment like a dual-threshold airbag system, you will reduce your car insurance rates.
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Here are 10 ways to reduce the cost of your car insurance, check them out.
Insurance companies charge you a lot for car insurance.
This can range anywhere from a low of $500 for a “modest policy” to over $2,000 for a “tough policy.”
Depending on your car, type of drivers, and location, you can expect to pay anywhere from $50 to $500 for your monthly car insurance premium.
And that’s without having a car that has premium.
How do you reduce your insurance costs?
According to the Insurance Information Institute, there are ten steps you can take to reduce your insurance costs:
1. Do not have a waiting period for your car insurance.
2. Get quote quotes for all of your insurance needs at the same time.
Consider Raising Your Deductible
Graphic: Jillian Lucas
Deductible raises your monthly payment a bit, but if you’re paying a lot for car insurance, that can be worth it. The idea is that the higher your deductible, the lower your premiums will be. Plus, you’ll also need to pay for your auto repairs out of pocket instead of through your insurance. But make sure you understand how the deduction works before you set it.
Raising your deductible means taking money out of your savings or breaking up with your current car insurer. Before you start shopping around for a new policy, check with your current insurer to see if they’ll match your new deductible.
You should also check to see if they have a lower-deductible policy for newer cars, or a lower-deductible policy for a fleet of similar vehicles.
Be Aware of the Downside of Collision and Comprehensive Coverage
Driving without insurance is almost as bad as driving with it. In both cases, accidents can cost you a lot of money and time. It may be financially smart to put aside a little money every month to be prepared for an emergency. But, there’s more to consider than just cash. It’s more than just money when you’re car shopping.
Buying a car isn’t like shopping for shoes or clothes. For those things, you don’t have to worry about things like depreciation or repairs. You can simply put a pair of shoes on and they will still be good to wear.
It’s different when you’re car shopping. If something goes wrong, your car can break down. If you get into an accident, you will have a lot of expenses to pay before the car is fixed.
Check your Credit
There are things you can do to make your car insurance cheaper. Ask your car insurance company about credit history. If you have good credit, you will be able to lower your rates even more.
Many insurance companies will do a credit check if you apply for a new insurance policy.
Beware! Once you have a good credit rating, it will cost you more in the long run.
Ask your agent about adding the “LOOK, THE REASON I’M ASKING YOU IS THAT I WANT TO CHEAPEN MY INSURANCE” attribute to your policy. This will reduce your premium by a few dollars a month.
Insist that they take a copy of your credit report.
If your car insurance company insists that they are going to do the credit check, they will often not give you a copy of your credit report.